NTB structures and arranges offshore syndicate loan for $ 33.5 m

Monday, 16 December 2019 01:14 - - {{hitsCtrl.values.hits}}

From left: NTB Structured Finance and Institutional Banking Assistant Vice President Lakshan Wanniarachchi, NTB Commercial Banking Senior Vice President Hemantha Gunetilleke, NTB Director /CEO Renuka Fernando, Bayswater Maldives Executive Director Mevan Gunatilleke, DFCC Bank Senior Vice President and Head of Corporate Banking Shamindra Marcelline, DFCC Bank Senior Relationship Manager Mayanthi Ratwatte

Nations Trust Bank PLC successfully concluded a landmark $33.5 million Syndicated Term Loan facility for Bayswater Maldives Ltd., a joint venture between Sanken Overseas Ltd., Singapore Hospitality Holdings Ltd. and HIMA Holdings Ltd.

The syndicate loan was structured and arranged by Nations Trust Bank (NTB) with the funding participants being NTB and DFCC Bank. NTB will also act as the Facility Agent and Security Agent for the syndicate.

The facility was granted to finance a green-field eighty room luxury resort in the Kaafu Atoll, Maldives, the construction of which will be undertaken by Sanken Overseas Ltd., the overseas arm of the Sanken Group. This would be the fourth investment by Sanken in the Maldives resort sector.

Speaking at the conclusion of the event, NTB Director/CEO Renuka Fernando said: “This is a landmark transaction by the bank for an important corporate banking client. It highlights our capabilities in Project Finance and Structured Banking and underscores what is a key part of our corporate banking strategy. This transaction is also evidence of the confidence placed on Nations Trust Bank by a large Sri Lankan corporate that is operating internationally, to arrange their complex financing requirements.”

Making a further remark at the event, Sanken Overseas Ltd. Executive Director Mevan Gunatilleke appreciated NTB for being a key banking partner in driving their overseas business expansion which is a vital strategic objective for the Sanken Group.

Nations Trust Bank is amongst the top 15 business establishments in Sri Lanka and its Structured Finance unit has made a strong impact in the loan syndication market over the past three years.